Building your own team delivers the deepest product knowledge. The developers learn the business domain over months and years, and that knowledge stays in the building. The catch comes in the form of time and rigidity: hiring well is slow, getting someone productive takes several more weeks, and the payroll continues regardless of workload.
Handing a project to a vendor means an external team owns the outcome: they staff the team, the provider manages the day-to-day work, and they carry the risk of missing the date. The model works when the scope is reasonably clear and there is an available product owner. It works badly when there is no one to answer questions, because an external team will not invent your business rules.
Team extension sits between the two: you add engineers but keep responsibility for delivery yourself. It is fast — a matching profile can start almost immediately — and laravel vs wordpress performance it winds down as quickly as it ramped up. The condition is that your technical leaders have to have the capacity to direct the work. Without strong internal leadership, you end up paying hourly for uncoordinated work.
In practice, companies blend them. A frequent arrangement puts the architecture and the core domain with permanent staff, reactjs vs vuejs while a partner takes on the parts that are bounded and specifiable. The rule holds: retain what defines your product, and delegate anything a competent team can specify and deliver.
A few questions generally decide the matter. Start here: is this software the product itself, or internal plumbing? Second: how long will the work last — a quarter or a decade? Third: who answers the phone at two in the morning when it breaks? Answer these three honestly and the model becomes obvious.